Hard tech startup program chose Newark after a worldwide search; plans to invest $25M in 100 companies by 2027
NEWARK N.J., April 30, 2024 /PRNewswire-PRWeb/ -- Today, the City of Newark announced that SOSV's hard tech startup program HAX has officially opened its 35,000-square-foot global headquarters in Newark. A startup development program run by global venture capital firm SOSV, HAX provides hard tech startups across climate, industrial automation, and health with funding, work and lab space, hands-on engineering and operations support.
Currently, over 30 startup companies are operating in the new HAX headquarters from
all over the world including Austria, Germany, London and Boston. Several notable companies already active in the HAX program creating novel technologies include LightHearted, a cost-effective medical device that can diagnose heart disease, Renovate Robotics, which manufactures and deploys autonomous robots that can install shingles on roofs, and PureLi, a spin-off from Princeton University's WET Lab that is developing ways to extract lithium from brine.
In addition to funding and mentorship, HAX equips startups with cutting-edge facilities including chemical, mechanical, and electrical engineering labs, 3D printing capabilities, manual metal fabrication, CNC machining, and laser cutting.
"As part of the venture fund SOSV, HAX's mission is to launch deep tech founders whose technology promises to reinvent and decarbonize our industry on the path to a more sustainable economy. We work in categories like energy storage, critical minerals, low carbon-fuels, maritime transport, carbon capture, and advanced manufacturing and compute, as well as health categories such as advanced therapeutic and diagnostic devices, as well as assistive robotics," said Duncan Turner, SOSV general partner and HAX managing director. "Newark is the ideal HQ location for us, given the city's deep manufacturing and industrial heritage as well as its access to local talent, top universities, and capital. We are incredibly excited to have a home in this supportive community, and deeply appreciate the support of our partners across Newark and New Jersey."
Following a worldwide search, HAX selected Newark because of its rich industrial history, access to universities including the New Jersey Institute of Technology (NJIT) and Rutgers, and supportive business and technology environment. Newark also offers the unique combination of affordability and a strategic location near New York City, Newark International Airport, and the Port of Newark, the second largest in the United States.
New Jersey Governor Phil Murphy, Newark Mayor Ras J. Baraka and executives from Newark Alliance, Invest Newark, NJEDA, SOSV, HAX and several startup founders celebrated the official opening of the facility.
"I've long disputed the idea that cities lack an appropriate workforce. What we lack is appropriate investment," said Newark Mayor Ras J. Baraka. "HAX's investment in Newark goes beyond being appropriate because it recognizes that innovation, creativity, collaboration and diligence are inscribed in our history and embedded in our DNA. With the opening of HAX, Newark accelerates its momentum as an emergent global hub for manufacturing and technological breakthroughs. I thank HAX and our advocates at Invest Newark and Newark Alliance for this critical partnership and extend my gratitude to Governor Murphy, our supportive legislators and the New Jersey Economic Development Authority."
"Newark's strategic location and access to key thoroughfares, commerce and entertainment make it an ideal location for HAX and the scores of startups that will have a footprint here," said Invest Newark President and CEO Marcus T. Randolph. "We are proud to stand alongside HAX and key stakeholders to commemorate the company's official expansion into the city of Newark."
Newark Alliance President and CEO Evan Weiss added: "Newark is undergoing a remarkable transformation and we are confident that HAX's new headquarters, along with its investment in dozens of new startups, will bolster the city's burgeoning business landscape. Together, we are committed to fostering a diverse innovation ecosystem that takes advantage of our Members' existing strengths and benefits the larger community."
ABOUT HAX
A startup development program at global venture capital firm SOSV, HAX is the world's first and most active program focused on pre-seed, hard-tech startups working on sustainability across climate, industrial automation and human health. With a flagship 35,000 square foot facility in Newark and offices in Shenzhen, Pune and Tokyo, the HAX program provides 6-month collaborative residency, hands-on engineering support, and an initial investment package of $250,000. We excel at teaching founders how to tap into the world's premier ecosystems for real-world product development, manufacturing and fundraising. The 250+ HAX graduates since 2012 have raised nearly $2 billion and have a cumulative value of more than $8 billion.
ABOUT INVEST NEWARK
Invest Newark, the city's Economic Development Corporation, propels economic growth by championing small businesses, improving internet access and facilitating real estate development. These endeavors lead to job creation and wealth generation, enhancing the overall welfare of Newark's residents. Distinguished by our unwavering dedication to equity and sustainability, Invest Newark stands apart as a forward-thinking development agency. Stay up to date on Invest Newark's latest news by following us on X, Facebook, Instagram, YouTube and LinkedIn, or visit us at InvestNewark.org.
ABOUT NEWARK ALLIANCE
The Newark Alliance, through the combined strength and collaboration of its members, drives inclusive economic growth for all of Newark, N.J. Our members comprise Newark's premier businesses, anchor institutions, and community partners, including Fortune 100 and 500 companies and several of the country's top universities, developers, hospitals, and arts institutions. United by a shared vision, the Alliance and its Members work collaboratively to cement Newark's status as one of America's most diverse, prosperous, exciting, and equitable cities. Visit us at http://www.newark-alliance.org.
Media Contact
Amanda Ferraro, Violet PR, 2013410178, [email protected], https://www.violetpr.com/
SOURCE Violet PR
Share this article